Gimme Some Sugar

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Friday, August 09, 2013

Jonathan Chait: Josh Green asks Rand Paul
about his rather extreme budget proposal, and Paul replies that it’s
necessary because the only alternative is Trillion-Dollar Deficits As
Far As the Eye Can See:

You know, the thing is, people want to say it’s extreme. But what I
would say is extreme is a trillion-dollar deficit every year. I mean,
that’s an extremely bad situation.

Some good news for Senator Paul — we’re not running a trillion-dollar
deficit anymore. The deficit this year is forecast at $642 billion, per
the Congressional Budget Office, which also forecasts the deficit to fall to $560 billion next year and $378 billion the following year.

For Rand (and Ron) Paul, the dread specter of fiscal collapse and
hyperinflation is more of a generalized fact of life than something that
depends on particular “numbers.” The whole political rise of the Pauls
since 2008 owes a great deal to the economic crisis and the resulting
spike in the deficit, which drove large numbers of people to join the
freak-out bunker where the Pauls have resided all along. Of course Rand
Paul isn’t going to notice the apocalypse is receding — its imminent
appearance is a fixed piece of his worldview.

The interviewer then went on to ask Paul, “Who would your ideal Fed
chairman be?” He named two dead guys, one of whom would completely
disagree with him about monetary policy.

The problem with pretending to be an economic whizkid is that sooner
or later you’re going to have to open your mouth and blow your cover.